In the early 21st century, the Latin American region was one of the essential vectors of Belarusian foreign policy. The Bolivarian Republic of Venezuela was noted for being the first country of Latin America which established close ties with the Republic of Belarus. The purpose of the article is to study the dynamics of the bilateral relations between Belarus and Venezuela at the present time, to determine the peculiarities of the cooperation between the states, and to identify the factors which affect the interrelation between the countries. The theoretical and methodological base of the research includes the following methods: analysis, synthesis, chronological, predictive and event analysis, etc. The paper contains the analysis of the evolution of Belarusian-Venezuelan relations at the present time. In particular, the authors study the progress of the relations between the countries and preform the complex analysis of their trade and economic cooperation, indicate the key top-level meetings which had a substantial impact on the development of the partnership, examine the legislation which was the starting point for establishing collaboration and partnership. Moreover, the authors found that the top-priority directions of Belarusian-Venezuelan relations were energy industry, construction, and agriculture as well as science and technology. The article stresses that the years 2007 – 2012 were the pinnacle of the bilateral relations intensity, preceding the gradual decline and the factual freeze of a series of projects, which is attributed to the political situation in Venezuela. The active dialogue between the states was renewed only in January 2019, yet no transition to the active phase of the cooperation can be observed. The authors concluded that in the present circumstances of its foreign policy, Belarus considers Venezuela, as well as the rest of Latin American countries, as the states of so-called “far arc,” prioritizing the development of the ties with the Russian Federation within the framework of CIS and the Eurasian Economic Community. Furthermore, Belarus’s support for N. Maduro can cause complication and worsening of relations between the country if H. Guaido wins in the Venezuelan internal conflict. Therefore, it is highly improbable that any significant progress in the bilateral cooperation between the states will be made before the Venezuelan internal political crisis is resolved.